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7 Sep

Bank of Canada Holds interest rate. Mortgage Market Update September 7, 2018

General

Posted by: Anne Martin

 

 

MARKET UPDATE

Bank of Canada holds rate

The Bank of Canada (BoC) kept its trendsetting interest rate steady at 1.5% during its latest rate meeting Wednesday.

The BoC also kept the door open to a possible rate hike for its next meeting set for October 24th. This is not a shock, as economists have suggested another increase is possible before the year’s out.

The key rate has been raised four times since last June – to 1.5% from 0.5% – most recently on July 11th.

Overall, rates are expected to gradually increase over the next couple of years, returning to more normal levels, since rates have been near historic lows for several years.

Check out this article from the Financial Post.  http://ow.ly/yTs730lJihC

If you’re planning to buy a home, I can help secure a rate hold to protect you from rising rates while you’re home shopping!

Have questions? I’m here to help!

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.70%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.44% 3.24%
3 YEARS 3.59% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.